International Currency Exchange Rates

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International Currency Exchange Rates

DAILY MARKET REPORT
December 6th 2016

EUR/USD

The EUR/USD pair resurged to its highest since mid November, ending the day near 1.0740 after briefly touching 1.0504, a fresh yearly low at the beginning of the day. Italy said ‘No’ to PM Matteo Renzi proposed constitutional reform, who resigned this Monday. Fears that the Italian banking system could collapse and therefore spread to other European banks weighed on investors’ mood, fueling risk-averse trading all through the Asian session. During the European morning however, EU authorities rushed to poor some cold water over the matter. Wolfgang Schaeuble, Germany’s finance minister, said that there is no reason to talk about a euro crisis, while the European Union’s finance commissioner Pierre Moscovici, said he was confident Italian authorities will manage the situation. Stocks surged sharply, erasing all the negative sentiment among investors, and putting the greenback under selling pressure, resulting in the EUR/USD pair advancing up to 1.0796.

In the data front, the EU final November Services and Composite PMIs showed that the region’s growth continued rising at a fast pace. The EU Markit Composite PMI printed 53.9, slightly below expected, but still at an 11-month high. Retail sales in the region, surged by 1.1% in October and when compared to the previous month, better than the 0.9% expected, although the Sentix Investor Confidence index for December fell to 10.0 from previous 13.1. In the US, the ISM Non-manufacturing PMI for November jumped to 57.2 from previous 54.8, beating expectations and the highest in over a year.

The EUR/USD pair ignored US data and continued rallying all through the American afternoon, strongly bullish in intraday charts, despite also being in extreme overbought territory in the short term after an almost straight 300 pips rally. According to the 4 hours chart, the pair can advance further, as it broke above its 20 and 100 SMAs, both now converging around 1.0640, while the Momentum and the RSI indicators maintain their sharp upward slopes within overbought levels. The pair has a strong resistance in the 1.0800/10 region, where it also presents the 200 SMA in the mentioned time frame. Should the rally extend beyond it, the pair will likely extend up to the 1.0840/60 region, a major static resistance area.

Support levels: 1.0745 1.0700 1.0606

Resistance levels: 1.0810 1.0850 1.0890

International Currency Exchange Rates

USD/JPY

The USD/JPY pair fell down to 112.86 at the beginning of the day, but recovered up to 114.77 afterwards, trading mostly on market’s sentiment. The safe-haven yen was on demand early Asia, following news that Italian PM Renzi resigned after losing the referendum held in Italy this Sunday, to modify the local constitution. Mr. Renzi proposed a reduction of the number of politicians within the houses, to speed up the law-making process in the country, in order to boost the depressed economy. The economic calendar will remain light in Japan, which means that the pair will likely continue trading on sentiment. The pair has erased all of its daily gains as US stocks retreated from their highs ahead of the close, settling around 113.50. In the 1 hour chart, the pair has broken below its 100 SMA, but bounced twice from a bullish 200 SMA ever since the day started, now at 113.15, the immediate support. In the mentioned chart, the Momentum indicator is flat around its 100 level, while the RSI indicator hovers around 41. In the 4 hours chart, technical indicators head south within bearish territory, but the 100 and 200 SMAs have extended their advances below the current level, while the price keeps hovering around the 114.00 level, indicating limited selling interest around the pair.

Support levels: 113.15 112.80 112.35

Resistance levels: 114.00 114.45 114.90

International Currency Exchange Rates

GBP/USD

The British Pound started the day gapping lower against its American rival, with the pair falling down to 1.2624. Still, the GBP/USD bounced quickly and filled the opening gap within the first two hours of trading, a clear signal of the bullish momentum of the pair. The UK Markit services PMI for November came in at 55.2, up from 54.5 in October, the best reading since January and another indication that the UK economy is doing much better-than-expected after the Brexit. The GBP/USD extended its recent advance by a few pips, printing 1.2744 in the US afternoon, but spent most of the last two session consolidating its gains, with buyers surging around 1.2690, now the immediate support. In the short term, technical readings support some further gains, as in the 1 hour chart, the pair is steadily bouncing from a bullish 20 SMA, while technical indicators have turned higher within positive territory, with limited upward strength. In the 4 hours chart, the 20 SMA heads sharply higher below the current level, while technical indicators have corrected overbought conditions, but turned back higher. Further gains beyond the 1.2750 level should see the pair extending its advance firstly to 1.2793, July 6th daily low, en route to 1.2860, August monthly low.

Support levels: 1.2690 1.2650 1.2610

Resistance levels: 1.2750 1.2795 1.2830

International Currency Exchange Rates

AUD/USD

The AUD/USD pair advanced up to its November high, paring it just a handful of pips below the 0.7500 level, at 0.7497. The Australian currency benefited from broad dollar’s weakness, but also from some encouraging data coming from China, as late Sunday, the Caixin Chinese services PMI index for November came in at 53.1 from previous 52.4. This Tuesday, the RBA will have its monthly economic policy meeting, but is largely expected to leave rates unchanged. Still, the market will be closely watching Governor Lowe’s comments, particularly referred to inflation after the TD Securities inflation released early Monday shows that in November, it rose by 0.1%, holding steady at 1.5% year-on-year. Short term, the 1 hour chart shows that technical indicators are consolidating near overbought readings while the 20 SMA heads higher, far below the current level, nearing a key Fibonacci support at 0.7450. In the 4 hours chart, the pair has bounced from its 20 SMA, now turning modestly higher, while technical indicators have lost upward strength within positive territory. The 200 EMA in this last time frame stands at 0.7510, the level to surpass to confirm further advances towards the 0.7600 price zone.

Support: levels: 0.7450 0.7410 0.7370

Resistance levels: 0.7510 10.7550 0.7595

International Currency Exchange Rates

GBP/CAD

The GBP/CAD cross ended the day pretty much unchanged around 1.6880, having traded within the lower end of last week’s range, underpinned by Pound’s strength. The cross fell intraday down to 1.6823, but quickly recovered after briefly falling below 1.6840, a strong Fibonacci support, helped by a retracement in oil prices after reaching fresh multi-month highs. The short term picture is neutral according in the 1 hour chart, as technical indicators head nowhere around their mid-lines, while the price is a few pips below a now modestly bearish 20 SMA at 1.6900. In the 4 hours chart, however, the 20 SMA advanced further below the current level, now converging with the mentioned Fibonacci support, while the Momentum indicator turned north after testing its 100 level and the RSI indicator hovers around 53, not enough to support a steeper recovery, but suggesting a limiting downward potential.

Support levels: 1.6840 1.6770 1.6720

Resistance levels: 1.6910 1.6970 1.7030

International Currency Exchange Rates

Dow Jones

Wall Street closed in the green, with the Dow Jones Industrial Average closing the day at 19,216.24 a fresh all-time high, up by 45 points or 0.24%. The index traded intraday as high as 19,282, but retreated ahead of the close. The Nasdaq Composite closed at 5,308.89, up by 1.01%, while the S&P added 12 points, to 2,204.71. Retailers were among the best performers alongside with financial equities, with Nike leading advancers, up by 2.75%, followed by Goldman Sachs Group that closed 2.32% higher. JPMorgan Chase was also among the best performers, adding 2.03%. Technically, the daily chart shows that the risk remains towards the upside, as the Momentum indicator turned north after a period of consolidation above the 100 mark, while the RSI indicator continues hovering within overbought territory. In the 4 hours chart, and despite the record high, the index maintains a neutral stance due to limited intraday ranges over the past two weeks, with the benchmark now a few points above a horizontal 20 SMA, the Momentum indicator still stuck around its 100 level and the RSI indicator consolidating above 58, this last limiting chances of a downward move.

Support levels: 19,177 19,120 19,067

Resistance levels: 19,235 19,282 19,340

International Currency Exchange Rates

FTSE

The FTSE 100 managed to advance some, up by 16 points or 0.24% to settle at 6,746.83, with the mining sector mixed, as gold plummeted to fresh multi-month lows, but copper surged to its highest in almost eighteen months. Antofagasta was the best performer, up by 4.90%, followed by Glencore that closed 4.44%. The worst performer was Fresnillo, down 4.01% on the day, followed by Randgold Resources that ended down 3.18%. Banks closed higher, shaking off fears of contagion, with Royal Bank of Scotland adding 2.28% on the day. A strong Pound, however, maintained the rally contained, and the daily chart shows that the benchmark was unable to extend beyond a bearish 20 DMA, currently at 6,800. In the same chart, technical indicators hold within bearish territory, with the RSI aiming higher around 44 and the Momentum pulling back from its 100 level. In the 4 hours chart, the index is struggling around a bearish 20 SMA, while technical indicators lack directional strength, holding flat right below their mid-lines, suggesting that gains will remain moderate, despite improved market’s sentiment.

Support levels: 6,710 6,676 6,639

Resistance levels: 6,802 6,845 6,881

International Currency Exchange Rates

Gold

Gold prices extended its slide this Monday, with spot falling down to $1,157.13 a troy ounce, its lowest since early February, but managed to bounce bank in the US afternoon, to end the day at 1,171.60, down from Friday’s close of 1,175.76. The bright metal was unable to benefit from increasing risk aversion, still weighed by prospects for a rate increase later in the month by the Federal Reserve after comments from FED’s Dudley, an usual dove, who said that the Central Bank is not from its policy goals, while FED’s Evans, speaking in a different event, said that he expects interest rate hikes to continue to rise as the economy improves. Technically, the metal is biased lower according to technical readings in the daily chart, as the commodity remains below a sharply bearish 20 SMA while technical indicators held within negative territory, slowly turning back lower. In the 4 hours chart, the price briefly advanced above a bearish 20 SMA, but settled below it, while technical indicators have turned neutral around their mid-lines, indicating no certain directional strength in the short term.

Support levels: 1,166.60 1,157.10 1,146.80

Resistance levels: 1,175.95 1,188.10 1,197.20

International Currency Exchange Rates

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International Currency Exchange Rates

International Currency Exchange Rates

THE CLARITIQUE QUESTIONNAIRE

2. Imagine some likely future situation, what happens when you see yourself making your Intention
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5. What drives your passion positively? Passion sometimes reaches boiling point. What happens
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6. When you learn new ways to do act on intention, beautifully your chances of making it come real
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10. Music is an incredible healing force, enriching the human spirit, also opening and
strengthening the connection between the body and mind. Is there any music giving you
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